President Joe Biden’s plans for the economic recovery as the world is moving past the COVID-19 pandemic have not been effective in creating jobs for Americans.
Jobless claims rose by around 61,000 to a total of 719,000 in the past week. Economists were forecasting jobless claims to decline within the last week, but this was not reflected in the real economy. As claims continue to rise, federal resources will need to be allocated to American citizens to prevent an economic collapse.
Unemployment is one of the fastest indicators to show the state of the economy. As unemployment continues to rise, the federal government will be required to give more resources to create tax relief plans and potentially initiate another stimulus package. This will lead to further federal debt and weaken the economy moving forward.
There is pressure on the White House and all levels of government to allow the nation to reopen as vaccines are being rolled out to the country. As it stands, 43 states are considered mostly open, but far-left states are holding back the full recovery of the country. Additionally, Biden has not allocated over 80% of the $1.9 trillion dollar stimulus package.